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Deferred Compensation Plans - 403(b) and 457

At its meeting of May 5, 2004 the Board of Trustees approved a deferred compensation plan under Section 457 of the Internal Revenue Code. The new 457 plan will complement the current 403(b) plan.

The District has chosen CalPERS to provide 457 retirement plan products to the employees.

The 457 Program would allow employees to defer $16,500.00 for the calendar year 2010 in addition to the $16,500.00 permitted under the 403(b) plan for a combined maximum of $33,000.00 for year 2010 (with amounts scheduled to increase annually). In addition, there are age-based and retirement catch-up contributions, if qualified.

403B Plan Administrator and General Information

List of qualified vendors for 403(b)

CalPERS 457 Plan Administrator and General Information

Other Links:

IRS Publication 571 - Tax Sheltered Annyuity Programs for Employees of Public Schools and Certain Tax Exempt Organizations

IRS Publication 575 - Pension and Annuity Income

IRS Publication 590 - Individual Retirement Arrangements